Baba, you asked about the value of the warrants.

A straight American 2 year call with stock price of 1.15 is worth about $0.23, in line with your thoughts. But this option has a forced early exercise feature at $2.30. That is essentially a short call feature and has a value of about 0.06, so the net value of the option is more like 0.17. 

The option payoff function maxes out at $1.15 above share prices of $2.30, assuming Poet invokes the forced call feature on a timely basis.